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28th Heron Quality Star Ratings Released
Released: 28 January, 2020
2020 Calendar Year Assessment
Leading independent superannuation and actuarial consultancy, The Heron Partnership, has released its latest half-yearly assessment of superannuation funds for calendar year 2020
Originally launched in 2006, the 2020 calendar year ratings are the 28th public assessment undertaken by Heron. These ratings covered 190 major superannuation products, which included 39 commercial products, 45 industry funds, 8 Government designated funds, 21 specialist "corporate" products and 77 pension products.
The Heron Partnership's Managing Director, Chris Butler, said, "The primary goal of the Heron rating process is to provide a realistic and objective representation of product strengths and weaknesses. Our ratings are based on feature specific benchmarks that guide our assessors to rate each feature objectively.
Of the 190 superannuation products assessed, 82 have been judged as outstanding quality and awarded 5 Heron Quality Stars. This in itself is an endorsement of the overall quality of the superannuation products available."
The following table lists the superannuation products that received Heron's highest rating.
Outstanding Superannuation Products
| AMG Super - Corporate Super | IOOF Employer Super |
| AMG Super - Personal Super | IOOF Personal Super |
| AMP CustomSuper | IOOF Pursuit Focus Personal Superannuation |
| AMP Flexible Super | IOOF Pursuit Select Personal Superannuation |
| AMP Flexible Super - Employer | legalsuper |
| AMP MyNorth | LGIAsuper |
| AMP SignatureSuper | Local Government Super |
| AMP SignatureSuper Select | LUCRF |
| AMP Summit - Personal Super | Macquarie Wrap - Super Accumulator |
| ANZ Smart Choice Super (Employer Sponsored) | Macquarie Wrap - Super and Pension Consolidator |
| Asgard Elements Super | Macquarie Wrap - Super and Pension Manager |
| Asgard Employee Super | Mercer SmartSuper Plan - Employer Section |
| Asgard eWRAP Super | Mercer Super Trust - Corporate Superannuation Division |
| Asgard Infinity eWRAP Super | MLC MasterKey Business Super |
| AustralianSuper Personal Plan | MLC MasterKey Super Fundamentals |
| AustralianSuper Plan | MTAA Super |
| AustralianSuper Public Sector Division | netwealth Super Accelerator Core - Employer Sponsored Super |
| AustralianSuper Select | netwealth Super Accelerator Plus - Employer Sponsored Super |
| AvSuper | netwealth Super Wrap - Employer Sponsored Super |
| Bendigo SmartStart Super | NGS Super |
| BT Lifetime Super - Employer Plan | OneAnswer Frontier Personal Super and Pension |
| BT Super | Plum Super - Corporate Division |
| BT Super for Life | Plum Super - Personal Division |
| BT SuperWrap Open Personal Super Plan | Prime Super (Health Division) |
| CareSuper Employee Plan | Prime Super (Prime Division) |
| CareSuper Personal Plan | QSuper - Accumulation Account |
| Catholic Super | REST Corporate |
| Cbus Industry Super | REST Super |
| Child Care Super | Russell Investments Master Trust - iQ Super - Employer |
| Club Plus Super | Russell Investments Master Trust - iQ Super - General |
| Colonial First State FirstChoice Employer Super | Russell Investments Master Trust - iQ Super - Saver |
| EISS Super | smartMonday DIRECT |
| Equip MyFuture | smartMonday PRIME |
| Equip MyFuture - Corporate | Suncorp Brighter Super for Business |
| First State Super | Sunsuper for life |
| GuildSuper | Sunsuper for life Business |
| HESTA | Sunsuper for life Corporate |
| Hostplus | Tasplan |
| Hostplus Executive | Telstra Super - Personal Plus |
| Hostplus Personal Super Plan | UniSuper Accumulation 1 |
| Intrust Super | VicSuper FutureSaver |
MySuper Investment Option
Heron has again undertaken an assessment of each products MySuper investment option. For their MySuper rating Heron considers the type of option (LifeStages or Single Diversified), the reliability of the historical return history, the TAA range, the level and type of active/passive management, actual or indicative historical investment performance, ease of understanding and fee based on the PDS disclosure. In addition, in assessing the LifeStages options Heron considered whether the structure included cohorts, the cohort age band period and the cohort curve shape.
Based on this assessment criteria, Heron awarded 5 Stars to the following 22 products.
Outstanding MySuper Option
| AMG Super - Corporate Super | IOOF Employer Super |
| ANZ Smart Choice Super (Employer Sponsored) | Media Super - Employer Sponsored Account |
| AustralianSuper | MTAA Super |
| Bendigo SmartStart Super | NGS Super |
| CareSuper Employee Plan | Prime Super |
| Cbus Industry Super | QSuper |
| Club Plus Super | REST |
| EISS Super | Sunsuper for life |
| Equip MyFuture | Tasplan |
| HESTA | UniSuper Accumulation Super (1) |
| Hostplus | WA Super |
The assessment of personal and corporate superannuation products undertaken by Heron covers about 130 key product features that are grouped under 5 Areas of Importance of Investment Arrangements, Insurance, Contributions, Ancillary Benefits, and Communications. Investments and Insurance have the greatest impact on a product's rating with weightings of 55% and 30% respectively.
Based on Heron's numeric rating the following products have been designated as Top Ten Products for Investment Features and as Top Ten Products for Insurance Features.
In alphabetical order the Top 10 Personal and Corporate Products in respect to Investment Features are:
Top 10 Investment Features
| Personal | Corporate |
|---|---|
| AustralianSuper Plan | AMP Flexible Super - Employer |
| BT Super | AMP SignatureSuper |
| BT SuperWrap Open Personal Super Plan | Asgard Employee Super |
| CareSuper Personal Plan | AustralianSuper Select |
| Hostplus | CareSuper Employee Plan |
| IOOF Personal Super | IOOF Employer Super |
| Macquarie Wrap - Super and Pension Consolidator | Mercer Super Trust - Corporate Superannuation Division |
| Plum Super - Personal Division | MLC MasterKey Business Super |
| Sunsuper for life | Plum Super - Corporate Division |
| UniSuper Accumulation Super (1) | Sunsuper for life Corporate |
In alphabetical order the Top 10 Personal and Corporate Products in respect to Insurance Features are:
Top 10 Insurance Features
| Personal | Corporate |
|---|---|
| Asgard Elements Super | AMP SignatureSuper |
| Asgard eWRAP Super | ANZ Smart Choice Super (Employer Sponsored) |
| Asgard Infinity eWRAP Super | Asgard Employee Super |
| AvSuper | BT Lifetime Super - Employer Plan |
| BT Super | Mercer Super Trust - Corporate Superannuation Division |
| legalsuper | MLC MasterKey Business Super |
| Macquarie Wrap - Super and Pension Consolidator | Plum Super - Corporate Division |
| netwealth Super Accelerator Core - Employer Sponsored Super | Russell Investments Master Trust - iQ Super - Employer |
| Telstra Super - Personal Plus | smartMonday PRIME |
| VicSuper FutureSaver | Sunsuper for life Corporate |
The Pension products rated as "outstanding quality" and therefore awarded 5 Heron Quality Stars are (in alphabetical order), as follows.
Outstanding Pension Products
| AMP Flexible Lifetime Allocated Pension Plan | Intrust Super - Super Stream Pension |
| AMP Signature Super Allocated Pension | IOOF Pursuit Focus Allocated Pension |
| AMP Summit Personal Pension | IOOF Pursuit Select Allocated Pension |
| Asgard Elements Pension | legalsuper Pension |
| Asgard eWRAP Pension | MLC MasterKey Pension Fundamentals |
| Asgard Infinity eWRAP Pension | MLC Navigator Retirement Plan Series 2 - Pension Service |
| AustralianSuper Choice Income | MLC Wrap Super - Pension Service |
| BUSSQ Pension | NGS Super Account Based Pension |
| CareSuper Pension | OnePath OneAnswer Frontier Pension |
| Colonial First State - FirstChoice Pension | REST Pension |
| EISS Pension | Suncorp Brighter Super - Pension |
| Equipsuper Account Based Pension | Sunsuper for Life - Income Account |
| HESTA Income Stream | UniSuper Flexi Pension |
| Hostplus Pension Plan | Vision Income Streams |
The Heron Quality Star Ratings have 5 levels as follows:
| Rating | Definition |
|---|---|
| 5 Stars | Outstanding |
| 4 Stars | Commendable |
| 3 Stars | Good |
| 2 Stars | Poor |
| 1 Star | Unacceptable |
Details of the Heron Quality Star Ratings, including the assessment methodology and products awarded with 5 Heron Quality Stars, are featured on The Heron Partnership's web site and their Heron Advisor product research and comparison service.